RateCity.com.au
powering smart financial decisions

Pros and cons

  • Flexible repayment options.
  • Wide range of home loan products.
  • Relatively competitive rates on most loans.
  • Package loans available.
  • Optional offset account charges a small fee.
  • Branches limited outside WA.

Owner occupied products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
3 Year Complete Fixed Home Loan Package (Min Deposit 10%)
2.33% p.a.
3.27% p.a. Comparison rate
3.39% p.a.
3.75% p.a. Comparison rate
1 Year Complete Fixed Home Loan Package (Min Deposit 10%)
2.89% p.a.
3.43% p.a. Comparison rate
3.59% p.a.
3.77% p.a. Comparison rate
2 Year Complete Fixed Home Loan Package (Min Deposit 10%)
2.06% p.a.
3.28% p.a. Comparison rate
3.59% p.a.
3.79% p.a. Comparison rate
Premium Select Home Loan (Min Deposit 20%)
n/a
3.77% p.a.
3.79% p.a. Comparison rate
4 Year Complete Fixed Home Loan Package (Min Deposit 10%)
3.59% p.a.
3.63% p.a. Comparison rate
3.79% p.a.
3.87% p.a. Comparison rate
5 Year Complete Fixed Home Loan Package (Min Deposit 10%)
3.29% p.a.
3.56% p.a. Comparison rate
3.79% p.a.
3.89% p.a. Comparison rate
Complete Variable Home Loan Package (Min Deposit 20%)
2.49% p.a.
2.95% p.a. Comparison rate
3.67% p.a.
4.06% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 20%)
2.27% p.a.
4.17% p.a. Comparison rate
3.59% p.a.
4.52% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 20%)
2.79% p.a.
4.04% p.a. Comparison rate
3.99% p.a.
4.53% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 20%)
2.49% p.a.
4.07% p.a. Comparison rate
3.99% p.a.
4.57% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 20%)
2.09% p.a.
4.33% p.a. Comparison rate
3.79% p.a.
4.64% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 20%)
2.34% p.a.
4.57% p.a. Comparison rate
3.79% p.a.
4.71% p.a. Comparison rate
Mortgage Shredder Home Loan (Min Deposit 20%)
n/a
5.1% p.a.
5.12% p.a. Comparison rate
3 Year Complete Fixed Home Loan Package (Min Deposit 20%)
2.07% p.a.
3.21% p.a. Comparison rate
n/a
4 Year Complete Fixed Home Loan Package (Min Deposit 20%)
2.29% p.a.
3.21% p.a. Comparison rate
n/a
2 Year Complete Fixed Home Loan Package (Min Deposit 20%)
1.89% p.a.
3.25% p.a. Comparison rate
n/a
5 Year Complete Fixed Home Loan Package (Min Deposit 20%)
2.59% p.a.
3.28% p.a. Comparison rate
n/a
1 Year Complete Fixed Home Loan Package (Min Deposit 20%)
2.14% p.a.
3.36% p.a. Comparison rate
n/a
Complete Variable Home Loan Package (Min Deposit 5%)
2.99% p.a.
3.44% p.a. Comparison rate
n/a
Complete Variable Home Loan Package (Min Deposit 10%)
2.99% p.a.
3.44% p.a. Comparison rate
n/a
Premium Select Home Loan (Min Deposit 10%)
3.42% p.a.
3.44% p.a. Comparison rate
n/a
3 Year Fixed Rate Home Loan (Min Deposit 10%)
2.53% p.a.
4.24% p.a. Comparison rate
n/a
5 Year Fixed Rate Home Loan (Min Deposit 10%)
3.49% p.a.
4.32% p.a. Comparison rate
n/a
2 Year Fixed Rate Home Loan (Min Deposit 10%)
2.26% p.a.
4.36% p.a. Comparison rate
n/a
4 Year Fixed Rate Home Loan (Min Deposit 10%)
3.79% p.a.
4.5% p.a. Comparison rate
n/a
1 Year Fixed Rate Home Loan (Min Deposit 10%)
3.09% p.a.
4.64% p.a. Comparison rate
n/a
Mortgage Shredder Home Loan (Min Deposit 5%)
4.75% p.a.
4.77% p.a. Comparison rate
n/a
Complete Variable Home Loan Package (Min Deposit 2%)
4.62% p.a.
5.03% p.a. Comparison rate
n/a

Investment purpose products interest rates

TMD

Loan typePrincipal & Interest rateInterest Only
5 Year Complete Fixed Home Loan Package (Min Deposit 10%)
2.68% p.a.
3.85% p.a. Comparison rate
2.78% p.a.
3.89% p.a. Comparison rate
Complete Variable Home Loan Package (Min Deposit 10%)
3.92% p.a.
4.35% p.a. Comparison rate
3.63% p.a.
4.02% p.a. Comparison rate
3 Year Complete Fixed Home Loan Package (Min Deposit 10%)
2.34% p.a.
3.94% p.a. Comparison rate
2.99% p.a.
4.08% p.a. Comparison rate
Premium Select Home Loan (Min Deposit 10%)
4.02% p.a.
4.04% p.a. Comparison rate
4.15% p.a.
4.17% p.a. Comparison rate
2 Year Complete Fixed Home Loan Package (Min Deposit 10%)
2.69% p.a.
4.13% p.a. Comparison rate
3.49% p.a.
4.25% p.a. Comparison rate
4 Year Complete Fixed Home Loan Package (Min Deposit 10%)
3.59% p.a.
4.24% p.a. Comparison rate
3.79% p.a.
4.27% p.a. Comparison rate
1 Year Complete Fixed Home Loan Package (Min Deposit 10%)
3.19% p.a.
4.28% p.a. Comparison rate
3.49% p.a.
4.3% p.a. Comparison rate
5 Year Fixed Rate Home Loan (Min Deposit 10%)
2.88% p.a.
4.45% p.a. Comparison rate
2.98% p.a.
4.58% p.a. Comparison rate
3 Year Fixed Rate Home Loan (Min Deposit 10%)
2.54% p.a.
4.71% p.a. Comparison rate
3.19% p.a.
4.89% p.a. Comparison rate
4 Year Fixed Rate Home Loan (Min Deposit 10%)
3.79% p.a.
4.92% p.a. Comparison rate
3.99% p.a.
5% p.a. Comparison rate
2 Year Fixed Rate Home Loan (Min Deposit 10%)
2.89% p.a.
4.99% p.a. Comparison rate
3.69% p.a.
5.14% p.a. Comparison rate
1 Year Fixed Rate Home Loan (Min Deposit 10%)
3.39% p.a.
5.26% p.a. Comparison rate
3.69% p.a.
5.29% p.a. Comparison rate
Mortgage Shredder Home Loan (Min Deposit 10%)
5.4% p.a.
5.42% p.a. Comparison rate
5.53% p.a.
5.55% p.a. Comparison rate

Home loan repayment calculator

Thinking about taking out a home loan with Bankwest? Use our home loan calculator to see how much you’d have to repay under different borrowing scenarios. You can also see how Bankwest home loans compare with other options.

I am an

With a repayment type

Borrow amount

$

Deposit amount %

Loan term

Your estimated mortgage repayments

at interest rate 1.89%

Total interest payable

$0

Total loan repayments

$0

Contact a mortgage broker

Bankwest homeloans are vailable through brokers who can help find the right loan and manage your application at no charge.

Bankwest customer service

Bankwest home loans customers can contact the bank through a number of different mediums, including online, via email or on the Bankwest Forum. The bank also has an Australian-based call centre with specialised lines for personal, business and international customers. There is also the option to talk to a staff member in person at Bankwest branch or book a mobile or phone appointment with an affiliated lending specialist.

  • Customer service centre (phone, email, branch)
  • Mobile app
  • Online banking
  • Live Chat
  • Mobile banking staff

How to Apply

Potential Bankwest customers can apply for a home loan in a number of ways. These include online or phone applications, as well as the option to make an appointment at a Bankwest branch or with a mobile lending specialist. You will also need to provide documentation when applying for a home loan. This may include:

  • Personal details and identification.
  • Employment details.
  • Financial details such as income, assets and any other loans or commitments.

For refinancers you may also have to provide recent home loan statements for the past six months from your other financial institution.

About Bankwest home loans

There are home loans offered by Bankwest to suit almost every mortgage borrower in Australia, including:

  • First home buyers
  • Upgraders
  • Renovators
  • Refinancers
  • Investors
  • Seniors (reverse mortgages)
  • SMSFs (superannuation home loans)
  • Self-employed (low-doc loans)
  • Line-of-credit loans (for new and small businesses)

Bankwest also offers a variety of mortgage interest rates, including:

  • Variable interest rates
  • Fixed interest rates
  • Principal-and-interest home loans
  • Interest-only mortgages
  • Split loans

Bankwest lets customers use a paperless home loan application. The maximum term on a home loan with Bankwest is 30 years, and repayments can be made weekly, fortnightly or monthly. There are also mortgages from the bank that offer a free redraw facility, as well as up to 100 per cent offset account and the ability to make extra repayments any time. It pays to compare the home loans carefully to find the features that suit you best.

Bankwest home loan rates

Mortgage rates offered by Bankwest differ depending on what product customers choose. Bankwest has to compete against the big four banks, which have significantly more brand recognition and branches. So, to stay competitive, Bankwest often undercuts the interest rates offered by ANZ, Commonwealth Bank, NAB and Westpac.  

For owner-occupiers paying interest and principal, Bankwest rates tend to be moderately low, while its interest-only rates tend to be very low. Mortgages for investors generally have very low interest rates, especially interest-only home loans. Bankwest’s upfront fees are generally moderate. That said, there can be differences from product to product.

Bankwest puts a different rate on variable and fixed home loans. Depending on the product, there can be significant differences, so it’s worth comparing the two to get the best home loan rate to suit your needs.

Bankwest home loans review

Bankwest mortgage customers get the benefit of banking with a smaller, more personal bank, but the safety of knowing it’s owned by the largest bank in Australia (Commonwealth Bank).

Bankwest offers home loans to suit almost every type of borrower, whether a first home buyer, a refinancer, an investor or an owner-occupier. There are also several specialist home loans offered by Bankwest, including reverse mortgages, SMSF mortgages and low-doc loans for the self-employed.

Bankwest’s interest rates are generally low compared to many of its competitors in Australia, but the fees vary significantly between the products offered by the bank. There are some home loans at Bankwest with no application and monthly maintenance fees, however some mortgage products have high annual fees, so it pays to compare home loans carefully to get the best deal.

About Bankwest home loans

There are home loans offered by Bankwest to suit almost every mortgage borrower in Australia, including:

  • First home buyers
  • Upgraders
  • Renovators
  • Refinancers
  • Investors
  • Seniors (reverse mortgages)
  • SMSFs (superannuation home loans)
  • Self-employed (low-doc loans)
  • Line-of-credit loans (for new and small businesses)

Bankwest also offers a variety of mortgage interest rates, including:

  • Variable interest rates
  • Fixed interest rates
  • Principal-and-interest home loans
  • Interest-only mortgages
  • Split loans

Bankwest lets customers use a paperless home loan application. The maximum term on a home loan with Bankwest is 30 years, and repayments can be made weekly, fortnightly or monthly. There are also mortgages from the bank that offer a free redraw facility, as well as up to 100 per cent offset account and the ability to make extra repayments any time. It pays to compare the home loans carefully to find the features that suit you best.

Bankwest home loan rates

Mortgage rates offered by Bankwest differ depending on what product customers choose. Bankwest has to compete against the big four banks, which have significantly more brand recognition and branches. So, to stay competitive, Bankwest often undercuts the interest rates offered by ANZ, Commonwealth Bank, NAB and Westpac.  

For owner-occupiers paying interest and principal, Bankwest rates tend to be moderately low, while its interest-only rates tend to be very low. Mortgages for investors generally have very low interest rates, especially interest-only home loans. Bankwest’s upfront fees are generally moderate. That said, there can be differences from product to product.

Bankwest puts a different rate on variable and fixed home loans. Depending on the product, there can be significant differences, so it’s worth comparing the two to get the best home loan rate to suit your needs.

Bankwest home loans review

Bankwest mortgage customers get the benefit of banking with a smaller, more personal bank, but the safety of knowing it’s owned by the largest bank in Australia (Commonwealth Bank).

Bankwest offers home loans to suit almost every type of borrower, whether a first home buyer, a refinancer, an investor or an owner-occupier. There are also several specialist home loans offered by Bankwest, including reverse mortgages, SMSF mortgages and low-doc loans for the self-employed.

Bankwest’s interest rates are generally low compared to many of its competitors in Australia, but the fees vary significantly between the products offered by the bank. There are some home loans at Bankwest with no application and monthly maintenance fees, however some mortgage products have high annual fees, so it pays to compare home loans carefully to get the best deal.

Learn more about home loans

How do you compare home loans?

To compare home loans, you can assess the components of the loan against your own financial situation and other mortgages in the market.

Look at the interest rate, rate type (fixed or variable), loan fees, features, loan term, repayment frequency and more to find a home loan that fits with your budget and property goals.

Then, use comparison tools like comparison tables, calculators, or RateCity's Real Time RatingsTM to create a short list of home loan options, and decide which home loan best suits your needs.

What are the features of home loans for expats from Westpac?

If you’re an Australian citizen living and working abroad, you can borrow to buy a property in Australia. With a Westpac non-resident home loan, you can borrow up to 80 per cent of the property value to purchase a property whilst living overseas. The minimum loan amount for these loans is $25,000, with a maximum loan term of 30 years.

The interest rates and other fees for Westpac non-resident home loans are the same as regular home loans offered to borrowers living in Australia. You’ll have to submit proof of income, six-month bank statements, an employment letter, and your last two payslips. You may also be required to submit a copy of your passport and visa that shows you’re allowed to live and work abroad.

Why does Westpac charge an early termination fee for home loans?

The Westpac home loan early termination fee or break cost is applicable if you have a fixed rate home loan and repay part of or the whole outstanding amount before the fixed period ends. If you’re switching between products before the fixed period ends, you’ll pay a switching break cost and an administrative fee. 

The Westpac home loan early termination fee may not apply if you repay an amount below the prepayment threshold. The prepayment threshold is the amount Westpac allows you to repay during the fixed period outside your regular repayments.

Westpac charges this fee because when you take out a home loan, the bank borrows the funds with wholesale rates available to banks and lenders. Westpac will then work out your interest rate based on you making regular repayments for a fixed period. If you repay before this period ends, the lender may incur a loss if there is any change in the wholesale rate of interest.

How long does Bankwest take to approve home loans?

Full approval for a home loan usually involves a property valuation, which, Bankwest suggests, can take “a week or two”. As a result, getting your home loan approved may take longer. However, you may get full approval within this time if you applied for and received conditional approval, sometimes called a pre-approval, from Bankwest before finalising the home you want to buy.  

Another way of speeding up approvals can be by completing, signing, and submitting your home loan application digitally. Essentially, you give the bank or your mortgage broker a copy of your home’s sale contract and then complete the rest of the steps online. Bankwest has claimed this cuts the approval time to less than four days, although this may only happen if your income and credit history can be verified easily, or if your home’s valuation doesn’t take time.

What are the different types of home loan interest rates?

A home loan interest rate is used to calculate how much you’ll pay the lender, usually annually, above the amount you borrow. It’s what the lenders charge you for them lending you money and will impact the total amount you’ll pay over the life of your home loan. 

Having understood what are home loan rates in general, here are the two types you usually have with a home loan:

Fixed rates

These interest rates remain constant for a specific period and are a good option if you’re a first-time buyer or if you’re looking for a fixed monthly repayment. One possible downside of a fixed rate is that it may be higher than a variable rate. Also, you don’t benefit from any lowering of interest rates in the market. On the flip side, if rates go up, your rate won’t change, possibly saving you money.

Variable rates

With variable interest rates, the lender can change them at any time. This change can be based on economic conditions or other reasons. Changes in interest rates could be beneficial if your monthly repayment decreases but can be a problem if it increases. Variable interest rates offer several other benefits often not available with fixed rate home loans like redraw and offset facilities and free extra repayments. 

How can I apply for a first home buyers loan with Commonwealth Bank?

Getting a home loan requires planning and research. If you are considering a home loan with the Commonwealth Bank, you can find the information you need in the buying your first home section of the bank’s website.

You can see the steps you should take before applying for the loan and use the calculators to work out how much you can borrow, what your monthly repayments would be and the upfront costs you’d likely pay.

You can also book a time with a Commonwealth first home loan specialist by calling 13 2221.

CommBank publishes a property report that may help you understand the real estate market. The bank has also created a CommBank Property App that you can use to search for property.  The link to download this app is available on the same webpage.

If you are eligible for the First Home Loan Deposit Scheme, CommBank will help you process your application. The scheme helps first home buyers to purchase a home with a low deposit. You can read details about this scheme here and speak with a CommBank home lending specialist to understand your options.

Does the Home Loan Rate Promise apply to discounted interest rate offers, such as honeymoon rates?

No. Temporary discounts to home loan interest rates will expire after a limited time, so they aren’t valid for comparing home loans as part of the Home Loan Rate Promise.

However, if your home loan has been discounted from the lender’s standard rate on a permanent basis, you can check if we can find an even lower rate that could apply to you.

How to apply for a pre-approval home loan from Bendigo Bank?

Applying for pre-approval on your home loan gives you confidence in your ability to secure finance while looking at potential new homes. You can get a free and personalised pre-approval home loan from Bendigo Bank in just a few minutes, without any credit checks or paperwork. 

Bendigo Bank offers pre-approval for home loans that allow you to understand the home loan size you may be able to get before looking for a new home. 

With the pre-approval, Bendigo Bank provides an estimate of your borrowing power. This figure incorporates stamp duty, lenders mortgage insurance (LMI) and any first home buyer incentives you may be eligible for. You may also qualify for the First Home Loan Deposit Scheme initiative, depending on your circumstances. 

To apply for a pre-approval on your home loan from Bendigo Bank, all you need to do is fill in a smart form. You could also contact the bank directly on 1300 236 344.

Do the big four banks have guarantor home loans?

Yes, ANZ, Commonwealth Bank, NAB and Westpac all offer guarantor home loans. These mortgages are also offered by many other banks, credit unions and building societies.

Are fixed rates or variable rates cheaper?

Fixed and variable home loan interest rates are discretionary based on the lender’s decision. They will also be influenced by the Australian economy, as well as the Reserve Bank of Australia’s cash rate. The specific interest rate you may be offered will also depend on your credit history and financial situation.

Whether a fixed or variable rate home loan is the cheaper option for you will depend on all the above, and may still fluctuate over a 25-year home loan term. Therefore, it’s worth comparing your loan options with our comparison tables to see how the rates compare, based on your specific financial needs.

Are bad credit home loans dangerous?

Bad credit home loans can be dangerous if the borrower signs up for a loan they’ll struggle to repay. This might occur if the borrower takes out a mortgage at the limit of their financial capacity, especially if they have some combination of a low income, an insecure job and poor savings habits.

Bad credit home loans can also be dangerous if the borrower buys a home in a stagnant or falling market – because if the home has to be sold, they might be left with ‘negative equity’ (where the home is worth less than the mortgage).

That said, bad credit home loans can work out well if the borrower is able to repay the mortgage – for example, if they borrow conservatively, have a decent income, a secure job and good savings habits. Another good sign is if the borrower buys a property in a market that is likely to rise over the long term.

Why should I get a Bankwest pre-approval home loan?

A Bankwest pre-approval home loan will give you a clear idea of how much you can afford to borrow, thus ensuring you restrict your search to houses within your budget. Not only will you save time, but you can also avoid a potential financial disaster if you happen to make an offer or a down-payment on a property and then realise you can’t afford it. A Bankwest pre-approval home loan can also tell the seller that you're serious about the purchase.

At the time of applying for a Bankwest pre-approval home loan, you will need to provide proof of ID, evidence of employment and regular income, details on your expenses, as well as any on-going debts. The lender might make enquiries about your credit rating too. Once you’re pre-approved, you will receive intimation on how much money Bankwest is willing to lend you.  

 

 

How common are low-deposit home loans?

Low-deposit home loans aren’t as common as they once were, because they’re regarded as relatively risky and the banking regulator (APRA) is trying to reduce risk from the mortgage market.

However, if you do your research, you’ll find there is still a fairly wide selection of banks, credit unions and non-bank lenders that offers low-deposit home loans.

What happens to my home loan when interest rates rise?

If you are on a variable rate home loan, every so often your rate will be subject to increases and decreases. Rate changes are determined by your lender, not the Reserve Bank of Australia, however often when the RBA changes the cash rate, a number of banks will follow suit, at least to some extent. You can use RateCity cash rate to check how the latest interest rate change affected your mortgage interest rate.

When your rate rises, you will be required to pay your bank more each month in mortgage repayments. Similarly, if your interest rate is cut, then your monthly repayments will decrease. Your lender will notify you of what your new repayments will be, although you can do the calculations yourself, and compare other home loan rates using our mortgage calculator.

There is no way of conclusively predicting when interest rates will go up or down on home loans so if you prefer a more stable approach consider opting for a fixed rate loan.

Does Australia have no-deposit home loans?

Australia no longer has no-deposit home loans – or 100 per cent home loans as they’re also known – because they’re regarded as too risky.

However, some lenders allow some borrowers to take out mortgages with a 5 per cent deposit.

Another option is to source a deposit from elsewhere – either by using a parental guarantee or by drawing out equity from another property.